Gap insurance?

DrEskimo

little_green said:

looked up ala & for 4 years back to invoice cover it says £260 is this per year or for all 4 years it's not clear?

All 4 years.

little_green said:

also i thought invoice gap insurance would be better over replacment gap insurance but now reading & not so sure .... can anyone clarify

Vehicle replacement will cover the eventuality that a like for like replacement of your car (i.e. a 6-month ex demo of your make and model in 1-4yrs time) costs more than you paid today.

For me, vehicle replacement made sense as I had an EV where I knew the new model would have a larger battery capacity, therefore a higher cost.

neilmcl

little_green said:

looked up ala & for 4 years back to invoice cover it says £260 is this per year or for all 4 years it's not clear?

It's a one off price for the 4 years.

TheProfessional

If you use MSE25 as a promo you get discount 

little_green

TheProfessional said:

If you use MSE25 as a promo you get discount 

Which site? 

TheProfessional

little_green said:

TheProfessional said:

If you use MSE25 as a promo you get discount 

Which site? 

ALA in the promo code box

little_green

DrEskimo said:

little_green said:

looked up ala & for 4 years back to invoice cover it says £260 is this per year or for all 4 years it's not clear?

All 4 years.

little_green said:

also i thought invoice gap insurance would be better over replacment gap insurance but now reading & not so sure .... can anyone clarify

Vehicle replacement will cover the eventuality that a like for like replacement of your car (i.e. a 6-month ex demo of your make and model in 1-4yrs time) costs more than you paid today.

For me, vehicle replacement made sense as I had an EV where I knew the new model would have a larger battery capacity, therefore a higher cost.

with the vehicle replacement option is it that they'll payout either: 
finance settlement  OR cost of a replacement like for like vehicle OR price you paid for the vehicle - whichever is higher? as that is what is stated here: https://gapinsurance.co.uk/blog/2020/08/27/invoice-or-replacement-gap-what-is-the-difference/

but on ALA where i'm looking to buy from it implies it's only finance settlement  OR cost of a replacement like for like vehicle they'd pay out thus risk a like for like would be lower in price that the price you paid. whereas on ALA the back to invoice option obviously pays you back what you paid out on the invoice.  see here: https://www.ala.co.uk/gap-insurance/vehicle-replacement-insurance (scroll to near the bottom of page where it does a comparison between the 2) 

mines is not on finance so don't need to worry about the gap insurance covering that. Just confused as the first link implies even with the replacment option if invoice price was higher than replacment price that's what you could opt for but on actual ALA site where i'm looking to buy it from that doesn't seem to be the case. 

that said replacement is ~ £25 more expensive than back to invoice for my quote on ALA, but more expensive doesnt mean it's better right?

Sandtree

Each product is different... some could be a blended RTI/RTV as your first link suggests and others are a pure GAP RTV 

The other one to always look at is on RTI what the "invoice price" is as there can be some differences between providers. Plus on budget policies what base they start from - it used to be the case that some started at what they valued your write off to be worth not what your motor insurers settled at